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Turkey: Finance Minister expects the inflation rate to peak at about 40%

SHAFAQNA FUTURE- Turkish Finance Minister Nureddin Nebati told economists he expects the inflation rate to peak at about 40 percent in the months ahead and not to surpass 50 percent this year. Nebati provided his most detailed outlook yet for consumer prices in 202 during a meeting with 60 economists and analysts on Saturday in Istanbul, bloomberg reported.

Turkey’s inflation rate hit 36.1 percent in December, the highest since the beginning of President Recep Tayyip Erdogan’s 19-year rule. Inflation expectations for the next 12 months jumped to 25.37% from 21.39 percent, according to the central bank’s January survey of market participants. Some Wall Street banks predict last year’s currency crisis could push inflation beyond 50 percent.

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